Flat about to go into redevelopment, I want to sell. Mixed opinions from friends & family
I have already posted about this in this subreddit. My 2HBK Navi Mumbai flat is preparing to go into redevelopment. Society has hundreds of flats, so it is taking time, but all owners will get a large 3BHK for sure. Value of the property will almost surely be double.
Every reason to wait right?
But my personal situation is different. I am outside India, aging parents in a different state. I am also expanding my business and need funds. My aunt also has a flat in the same society and I am helping her sell it too, as she is too old to manage it.
Since I am outside India, i keep discussing it with friends and family, and they're firmly against the idea of selling it. They say, you will get way more by holding, but they don't understand that I don't want to wait 5-8 years. What if it gets further delayed? Usual society khich-khich has begun, and it's annoying for me.
I got good appreciation on the property, and it's not like I will take this money to the afterlife. Life was kind, we are already making a profit. I don't want to seem ungrateful, but I'm just trying to move on with my own life and do the best with whatever money I get for the flat. But the opinion that someone else will "get my profits" is making friends and family hostile and non-cooperative.
These are the points they raise:
- New buyers won't be interested as the building is old. Where will they go when redevelopment starts?
- Investors will look at upcoming areas, not existing ones. Only the sharpest buyers will see the value, but even then, parking close to 2Cr is a risk many won't take.
Basically, target audience is too small.
To me, this seems like valid concerns. What are your thoughts?